{"id":218666,"date":"2023-04-17T19:46:21","date_gmt":"2023-04-17T18:46:21","guid":{"rendered":"https:\/\/www.forexmentorpro.com\/blog\/?p=218666"},"modified":"2023-04-17T19:51:26","modified_gmt":"2023-04-17T18:51:26","slug":"what-next-for-the","status":"publish","type":"post","link":"https:\/\/www.forexmentorpro.com\/blog\/what-next-for-the\/","title":{"rendered":"What next for the $?"},"content":{"rendered":"
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Let’s look at some other key charts.<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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DXY chart:
\n<\/strong>Price is at a big area. I’m expecting a test and then a breakdown of price on the DXY.<\/p>\n

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Energy & Metal Prices;<\/strong><\/p>\n

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Gold;
\n<\/strong>Very close to an all time high now.
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Oil;<\/strong><\/p>\n

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Bitcoin;<\/b>
\nBig moves in the crypto market this week. Broke out of the consolidation (triangle formation) I showed in my last live session. At a big area, so it might struggle a little bit now. Keep comparing it to the DXY chart as a weaker USD should keep the bulls happy.<\/p>\n

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You can also follow us on Twitter https:\/\/twitter.com\/marcwalton<\/a><\/p>\n

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Red flag news:
\n<\/strong>A lot of inflation news this week, but no big ‘landmines’.
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FUNDED ACCOUNTS<\/h3>\n

We are now working with FX2 for funded accounts check it out below<\/p>\n

Funded accounts<\/a><\/p>\n

MAJORS<\/strong><\/p>\n

EUR\/USD: Long from 1.0780 (looking for a pullback).<\/p>\n

USD\/CHF: Nowhere near any stop on the daily. Look out for 0.91900 on the shorter timeframes.<\/p>\n

GBP\/USD:\u00a0 Long from 1.2250 (again looking for a pullback).<\/p>\n

AUD\/USD: Bounced off the 200. Looking for it to break 0.68500 now to long.<\/p>\n

NZD\/USD: Similar to AUD\/USD. I’m looking for it to break 0.63400.<\/p>\n

USD\/CAD: Need a break below 1.32800 (I’m expecting further downside).<\/p>\n

USD\/JPY: 133.00 is a key level.<\/p>\n

CROSSES<\/strong><\/p>\n

GBP\/JPY: Long from 162.900<\/p>\n

AUD\/NZD: Short if it breaks below 1.0770<\/p>\n

NZD\/JPY: Short from current position (83.000 area).<\/p>\n

AUD\/CAD: Short from 0.9100<\/p>\n

*EUR\/CHF:<\/strong> Same as my last post -“Not my favourite pair, but at the KEY<\/strong> parity level now. I’d look to long if it breaks above this level”.<\/p>\n

GBP\/NZD: Long from 1.9540<\/p>\n

NZD\/CAD: Short from the current position at around 0.8370<\/p>\n

As always, remember correlation! -Especially when taking more than one JPY trade!<\/em><\/p>\n

M3 -Shorter timeframes.<\/strong><\/p>\n

I do my analysis on daily and weekly charts first and make a note of the MAJOR areas of support and resistance. Then copy them onto Pierre\u2019s Earth and sky template. Then I make a note of the weekly & monthly pivots points and add them to the charts. You will see lots of opportunities line up during the week. The important thing then is to select a bias for the next few days and do NOT take trades if the price is too near a trend line or pivot. Ideally, you want to buy when the price is near a major support and or pivot point line and has the potential to make at least 40 pips. Vice versa for a short.<\/p>\n

New members, please note: If I am looking to take a trade long, for example, 1.5000, I place my order 10 pips above & 10 pips below for a short. This is because price often does not quite reach a major line and you need to allow for spreads.<\/p>\n

We are NOT a \u201ctipping service\u201d our aim is to teach you how to trade for yourself.<\/p>\n

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Watch the video below for more detailed explanations of this week\u2019s analysis and trade plan (click the 4 arrows bottom right to view full-screen):<\/p>\n